Tender Response Drives GMAC Bonds Higher

General Motors Acceptance Corp. bonds soared last week after investors ate up the company's modified tender offer, which has higher interest rates and stronger covenants than the original offer.

19 Dec 2008

General Motors Acceptance Corp. bonds soared last week after investors ate up the company's modified tender offer, which has higher interest rates and stronger covenants than the original offer. One-year GMAC notes rose eight to 10 points; the 5 5/8% '09s were trading at 73-75 last Wednesday. GMAC's
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